The National Investment and Infrastructure Fund on Monday announced its first investment project since its announcement in the Union Budget 2015-16.

“NIIF has partnered with DP World to create an investment platform for ports, terminals, transportation and logistics businesses in India,” said the Finance Ministry.

The venture will invest in opportunities in the ports sector as well as river ports and transportation, freight corridors, port-led special economic zones, inland container terminals and logistics infrastructure, including cold storages.

“Following its First Close in October 2017 on the fund-raising side, and now with its first investment, NIIF is making visible progress,” said Economic Affairs Secretary, Subhash Chandra Garg.

Additionally, an India-UK Green Growth Equity Fund is also being set-up under the fund of funds vertical of NIIF, and shall have anchor commitments of £120 million each from the Government of India (through NIIF) and Government of UK.

NIIF was originally conceived as India’s own sovereign wealth fund on the lines of Singapore’s investment vehicle Temasek. The proposed corpus of NIIF is ₹40,000 crore. It is being operationalised by establishing three Alternative Investment Funds.

The Centre’s contribution to the AIFs under the NIIF scheme is pegged at 49 per cent. The fund, which is professionally managed, has the mandate to solicit equity participation from strategic anchor partners such as overseas sovereign/quasi-sovereign/multilateral/bilateral investors.

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